The Mumbai based realtor in a release to Bombay Stock Exchanges said "MIG (Bandra) Realtors & Builders, a wholly-owned subsidiary of DB Realty, has undertaken development of land spread across 20,150 sq mt in the BKC."
DB Realty in October 2010 had entered into an agreement with MIG Cooperative Housing Society for the development of the land.
DB Realty has so far invested Rs 340 crore in the project, which is expected to have a built up area of over 2.6 million sq ft, it said.
"The project has received height approval for construction of a 29-storey tower from the Airport Authority of India and after completion, the building is expected to be the tallest residential property in the BKC," DB Realty said.
DB Realty expects to commence the construction of the tower in October and will complete in 39 months.
Analysts say this project is likely to boost the revenues of DB Realty over next four years.
"With the emergence of BKC as the main central business district, this area has become the most sought after residential location in Mumbai with prices ranging between Rs 35,000 and Rs 55,000 per sq ft. This project is expected to accrue substantial revenues to the company over the next four years," DB Realty said.
As of 10.14 a.m. shares in DB Realty traded 1.98 per cent higher at Rs 67 apiece, outperforming the broader Nifty, which was up 0.60 per cent.
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